The post The Crypto BloodBath Has Just Begun, Prepare For The Worst – Warns Popular Economist appeared first on Coinpedia Fintech News

The economist who called cryptocurrencies a ‘scam; has predicted the future

At the end of October, the total market capitalization of cryptocurrencies was above $1 trillion; and today, it is just over $800 billion. The king coin, bitcoin, started to rise in October 2022, breaking through the psychological resistance level of $20,000 and even reaching the high of $21,500 at the start of November. However, at the time of writing, bitcoin is trading at $16,950 and there are no signs of recovery.

The impact of the FTX crash on the cryptocurrency prices is being discussed by crypto experts across the sector and on Thursday, economist Nouriel Roubini predicted that the “bloodbath” in the Bitcoin market had just begun. After a string of high-profile bankruptcy filings, Roubini is almost sure that the majority of bitcoin companies are now in danger of going out of business.

The largest cryptocurrency exchange by trading volumes, Binance, was compared to the  FTX by a New York University professor last week, who said that Binance was much worse.

He made this assumption because Binance has not yet disclosed where its headquarters are located. Roubini also has a negative outlook on BNB, the native coin of Binance, and called it “scammy vaporware.”

The cryptocurrency market is a ‘scam’

Roubini also said in a different tweet on November 30 that corrupt spending is common among all cryptocurrency ventures operated by gangsters, adding that 97% of initial coin offers were scams that failed.

“Lavish spending is standard in ALL crypto projects. 97% of 20k ICOs were a scam &/or went bust. Billions raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs, “massages” & evade taxes in PR/Caribbean.”

The expert had previously referred to crypto as “the biggest criminal heist in human history.” For many years, Roubini has been an opponent of cryptocurrencies. He referred to the entire cryptocurrency market as “a scam” in 2020.